MIRA
INFORM REPORT
|
Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG CHUNG-AN FOREIGN TRADE CO., LTD. |
|
|
|
|
Registered Office : |
12/F, No. 99 Huaxing Road, Xihu District, Hangzhou Zhejiang Province 310012 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
31.01.1997 |
|
|
|
|
Com. Reg. No.: |
330127000005721 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Wholesale of pre-packaged food; goods import and export; selling farm machinery. |
|
|
|
|
No. of Employees : |
13 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
ZHEJIANG CHUNG-AN FOREIGN TRADE CO., LTD.
12/F, NO. 99 HUAXING ROAD, XIHU DISTRICT, HANGZHOU
ZHEJIANG PROVINCE 310012 PR CHINA
TEL: 86 (0) 571-28130726/28828109
FAX: 86 (0) 571-28058305
EXECUTIVE SUMMARY
Date of Registration : january 31, 1997
REGISTRATION NO. : 330127000005721
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 10,000,000
staff :
13
BUSINESS CATEGORY : trading
Revenue :
CNY 176,375,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 17,297,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.37 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330127000005721 on January 31, 1997.
SC’s Organization Code Certificate No.:
14401305-4
SC’s Tax No.: 330127144013054
SC’s registered capital: cny 10,000,000
SC’s paid-in capital: cny 10,000,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xu Mengxiang |
90 |
|
Wang Haidong |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Xu Mengxiang |
|
Supervisor |
Wang Haidong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xu Mengxiang 90
Wang Haidong 10
MANAGEMENT
Xu Mengxiang , Legal Representative, Chairman and General
Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative,
chairman and general manager
Wang Haidong ,
Supervisor
----------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes wholesale of
pre-packaged food; goods import and export; selling farm machinery.
SC is mainly
engaged in international trade.
SC’s products
mainly include: pre-packaged food, chemical products, etc.
SC sources its materials 60% from domestic market, mainly Zhejiang, 40% from overseas market, mainly Europe. SC sells 40% of its products in domestic market, and 60% to overseas market, mainly Mid East, Southeast Asia, etc.
The buying terms
of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Spoontiques Inc.
Tianjin SA De Cv
Cali Chem Inc.
Staff & Office:
--------------------------
SC is known
to have approx. 13 staff at
present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment experience (through current enquiry with SC's
suppliers), our delinquent payment records and our debt collection record
concerning SC.
Trade payment experience: SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
Delinquent payment record: None in our
database.
Debt collection record: No overdue amount
owed by SC was placed to us for collection within the last 6 years.
BANKING
Basic Bank:
Industrial
and Commercial Bank of China Chun’an Sub-branch
AC#:
1202029109002100176
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
11,835 |
17,346 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
11,063 |
28,848 |
|
Advances to
suppliers |
15,719 |
23,986 |
|
Other receivable |
8,729 |
3,059 |
|
Inventory |
8,630 |
7,192 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
55,976 |
80,431 |
|
Fixed assets |
11,685 |
10,867 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
3,773 |
3,269 |
|
Long-term
prepaid expenses |
574 |
426 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
72,008 |
94,993 |
|
|
============= |
============= |
|
Short-term loans |
8,955 |
19,000 |
|
Notes payable |
18,203 |
10,586 |
|
Accounts payable |
19,541 |
35,116 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-684 |
-2,339 |
|
Advances from
clients |
9,279 |
7,785 |
|
Other payable |
499 |
7,548 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
55,793 |
77,696 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
55,793 |
77,696 |
|
Equities |
16,215 |
17,297 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
72,008 |
94,993 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
170,016 |
176,375 |
|
Cost of sales |
153,643 |
157,417 |
|
Taxes and surcharges |
13 |
103 |
|
Sales expense |
10,072 |
10,395 |
|
Management expense |
4,794 |
6,446 |
|
Finance expense |
1,251 |
1,329 |
|
Non-business
income |
59 |
150 |
|
Non-business expenditure |
39 |
634 |
|
Profit before
tax |
1,361 |
1,413 |
|
Less: profit tax |
148 |
442 |
|
1,213 |
971 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.00 |
1.04 |
|
*Quick ratio |
0.85 |
0.94 |
|
*Liabilities
to assets |
0.77 |
0.82 |
|
*Net profit
margin (%) |
0.71 |
0.55 |
|
*Return on
total assets (%) |
1.68 |
1.02 |
|
*Inventory /
Revenue ×365 |
19 days |
15 days |
|
*Accounts
receivable/ Revenue ×365 |
24 days |
60 days |
|
*
Revenue/Total assets |
2.36 |
1.86 |
|
* Cost of
sales / Revenue |
0.90 |
0.89 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level in 2010, and fairly large in 2011.
l
SC’s short-term loans appear fairly large in 2011.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.64 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.